Financial Performance - For the first half of 2024, the Group's revenue was approximately RMB1,362 million, representing an increase of approximately 5.90% compared to RMB1,286 million in the same period last year[5]. - The Group's profit for the Period was approximately RMB66.61 million, a decrease of approximately 16.36% from RMB79.64 million in the previous year, primarily due to reduced profit contributions from joint ventures[5]. - The basic earnings per share for the Company was RMB0.49 cents, down from RMB0.76 cents in 2023[5]. - The gross profit margin of the Group was approximately 12.31%, a decrease of approximately 0.43% from 12.74% in the previous year, attributed to an increase in lower-margin business[5]. - Total comprehensive income for the period was RMB 57,972, down from RMB 75,787, a decrease of about 23.5% compared to the same period last year[42]. - Profit for the period decreased to RMB 66,608 from RMB 79,635, reflecting a decline of approximately 16.3% year-over-year[42]. - The Group reported a profit before tax of RMB 76,193,000 for the six months ended June 30, 2024, compared to RMB 89,845,000 for the same period in 2023, indicating a decrease of 15.3%[64]. Revenue Breakdown - Revenue from the piped gas transmission and distribution business was approximately RMB637.61 million, an increase of approximately 15.30% compared to the previous year, accounting for approximately 46.82% of total revenue[9]. - Revenue from piped gas sales was approximately RMB 597,061,000, an increase of approximately RMB 112,595,000 or 23.24% compared to the same period last year[13]. - Revenue from piped gas connection decreased by approximately 40.82% to RMB40.55 million, representing approximately 6.36% of total revenue from the piped gas transmission and distribution business[10]. - Revenue from cylinder gas supply business was approximately RMB 331,480,000, a slight increase of approximately RMB 53,000 or 0.02% compared to the previous year[17]. - Revenue from gas distribution business was approximately RMB 347,595,000, a decrease of approximately RMB 2,645,000 or 0.76% compared to the same period last year[19]. - Revenue from food ingredients supply and FMCG business was approximately RMB 45,008,000, a decrease from RMB 51,134,000 in the previous year[23]. Customer and Market Insights - The number of connected residential household customers increased by approximately 3.92% to 574,442 units, while connected commercial and industrial customers increased by approximately 6.36% to 12,635 units[10]. - Domestic natural gas consumption was approximately 210.8 billion m³, a year-on-year increase of approximately 8.7%[4]. - Imported natural gas was approximately 90.2 billion m³, representing a year-on-year increase of approximately 14.8%[4]. - The natural gas consumption structure in China covers multiple fields, with urban gas consumption accounting for a significant proportion[29]. - The shift towards low-carbon energy in China presents opportunities for the natural growth of the business scale[29]. Operational Efficiency - The Group aims to expand the scale of gas distribution, steadily increasing gas sales and revenue[37]. - The Group will ensure the safe and efficient operation of its gas business and guarantee gas supply for people's livelihood[38]. - Cylinder gas will remain an important supplement to piped gas supply, especially in areas where piped gas connection costs are high[33]. - The Group maintains confidence in the future piped gas market, ensuring effective operation of facilities[35]. Financial Position - Non-current assets totaled RMB 2,419,531 as of June 30, 2024, slightly down from RMB 2,455,408 at the end of 2023[44]. - Current assets increased to RMB 937,782 from RMB 897,797, showing a growth of approximately 4.4%[44]. - Total equity attributable to owners of the Company rose to RMB 2,766,459 from RMB 2,718,651, an increase of about 1.8%[45]. - Net current assets improved to RMB 377,775, compared to RMB 297,320 at the end of 2023, indicating a significant increase of approximately 27%[44]. - The company reported retained earnings of RMB 532,409,000 as of June 30, 2024[49]. - The company’s total liabilities as of June 30, 2024, were RMB 231,768,000[49]. Expenses and Costs - Selling and distribution expenses for the period amounted to approximately RMB74,293,000, representing an increase of approximately RMB2,299,000 compared to the corresponding period of last year[26]. - Administrative expenses for the period amounted to approximately RMB61,736,000, representing a decrease of approximately RMB346,000 compared to the corresponding period of last year[26]. - The total finance costs for the six months ended June 30, 2024, were RMB 1,897,000, compared to RMB 2,387,000 in 2023, showing a reduction of 20.5%[73]. - The cost of inventories recognized as expenses was RMB 1,166,653,000, up from RMB 1,085,139,000 in 2023, indicating an increase of 7.5%[74]. Shareholder Information - The company’s issued ordinary share capital as of June 30, 2024, is 8,934,561,203 shares[116]. - Dr. Mo and Miss Mo collectively hold approximately 40.97% of the company's issued share capital[113]. - Lofty Key and Ping Da, both corporate shareholders, hold 28.27% and 12.70% of the company's shares, respectively[120]. - The entire issued share capital of Lofty Key and Ping Da is held by Renown City, which is controlled by Civios Group[121]. - Civios Group is beneficially owned 70% by Dr. Mo and 30% by Miss Mo[121]. Governance and Compliance - The Company complies with all aspects of the Corporate Governance Code provisions as of June 30, 2024[126]. - The audit committee has reviewed the appropriateness and consistent application of significant accounting principles and financial reporting systems adopted by the Company[126]. - The Board consists of five Executive Directors and three Independent Non-executive Directors as of the date of this report[127].
中民控股(00681) - 2024 - 中期财报